White & Case Advises Bank Syndicate on Mediawan IPO
First SPAC listing in France
Global law firm White & Case LLP has advised the bank syndicate comprising Deutsche Bank, JP Morgan and Société Générale on the initial public offering of Mediawan on Euronext Paris.
The transaction is the first ever French listing of a special purpose acquisition company (SPAC), a well-established practice in the United States as well as in several European countries.
Mediawan has been established by Xavier Niel, founder of the Iliad Group, one of the leading French telecom operators, Matthieu Pigasse, Global Head of M&A and Government Advisory of Lazard Group, and Pierre-Antoine Capton, founder of 3ème Oeil Productions, the largest French independent media producer. The three founders will hold 20 percent of Mediawan's capital and voting rights. Mediawan aims to acquire a target in the traditional and digital media content or entertainment industries in Europe, valued at up to $1.5 billion, within 24 months of the IPO.
Mediawan's shares will be listed on the professional segment (compartiment professionnel) of the regulated market of Euronext Paris. The offering will consist of an international private placement of €250 million in new shares, which may be increased up to €300 million if the extension clause is exercised in full. The prospectus received the visa from the French financial markets authority (Autorité des marchés financiers) on April 11, 2016 and the first listing is planned on April 22, 2016.
The White & Case team in Paris which advised on the transaction was led by partner Thomas Le Vert with support from associates Tatiana Uskova, Jean Paszkudzki, Isabelle Touré-Farah and Delphin Boucher. Partner Colin Chang and counsel Max Turner advised on matters of US law and partner Alexandre Ippolito, with support from associate Estelle Philippi, advised on tax aspects.
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